One million dollars. It’s still the stuff that dreams are made of, it’s just that our dreams have become a little less extravagant and more out of reach.
In April, new figures released by the Toronto Real Estate Board shows the price of a detached home in Toronto’s hot wild housing market hit a historical benchmark, when the average price of a detached home reached $965,760.
Despite of most real estate observers and expert predicting doom and gloom and the demise of the housing market and big bubble bursting, only to be disappointed and watch housing price further and further rising and more home buyers keep on buying, with only the sellers champagne bubble bursting.
let's be clear here the one Million, is the cost of an average detached house in the City of Toronto, not a mansion in Forest Hill or the Kingsway village,
Toronto, with it's real estate bidding wars, condo project delays and endless traffic jam, real estate expert bubble talk, perhaps the biggest factor for it, is that, it is a bustling city, and ranked in the top 10 ranking of the world's "most livable" cities, full of energy and life. it’s why buyers are motivated and willing to spend One Million Dollars to live here.
As Global News consumer reporter Sean O’Shea explains, in the above video it’s a matter of supply and demand. Here’s a look at what you get for $1-million.
Have you been looking to buy in this hot market and feel exasperated by this housing market, or you like to ad to this story, share it with us in the comment section.
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